Agency Report
Japanese Prime Minister Shigeru Ishiba has announced his resignation as president of the Liberal Democratic Party (LDP), just weeks after its ruling coalition suffered a historic defeat in a July election.
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Ishiba’s decision to step down on Sunday comes after he initially resisted calls from within his party to resign over the electoral loss, saying he wanted to make sure that a tariff deal struck with the United States was appropriately implemented.
“With Japan having signed the trade agreement and the [US] president having signed the executive order, we have passed a key hurdle,” Ishiba said on Sunday.
“I would like to pass the baton to the next generation,” he added.
Ishiba will remain as prime minister until the party holds elections to replace him as president of the LDP. His resignation deepens the political uncertainty facing the world’s fourth-largest economy.
After assuming his role last October, the 68-year-old politician saw electoral defeats wipe out his coalition’s majority in both houses of parliament.
The losses, stoked by voters’ concerns about the rising cost of living, made it more difficult for Ishiba’s government to implement its policy objectives.
Amid the country’s growing political instability, Ishiba was urged to resign by mostly right-wing opponents within his party, who viewed him as responsible for the results of July’s House of Councillors election.
Reports suggested that Japan’s agricultural minister and a former prime minister met Ishiba on Saturday evening to persuade him to step aside.
After announcing his resignation at a news conference on Sunday, Ishiba said he would begin the process to find his replacement.